The Central Economic Work Conference was held in Beijing, where Xi Jinping delivered an important speech.

The Central Economic Work Conference was held in Beijing from December 11 to 12. Xi Jinping, General Secretary of the CPC Central Committee, President of the People’s Republic of China, and Chairman of the Central Military Commission, attended the conference and delivered an important speech. Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang, and Li Xi, members of the Standing Committee of the Political Bureau of the CPC Central Committee, also attended the meeting.

In an important address, Xi Jinping reviewed the economic work of 2024, analyzed the current economic situation, and outlined the priorities for 2025. Premier Li Qiang delivered a concluding speech, setting forth requirements for implementing the spirit of General Secretary Xi Jinping’s key remarks and ensuring the successful execution of next year’s economic tasks.

The meeting concluded that this year is a pivotal one for achieving the goals and tasks set out in the 14th Five-Year Plan. Faced with a complex and challenging situation characterized by mounting external pressures and growing internal difficulties, the Party Central Committee, with Comrade Xi Jinping at its core, has united and led the entire Party and all ethnic groups across the country to respond calmly and implement comprehensive measures. As a result, economic performance has remained generally stable, with progress underpinned by stability; high-quality development has advanced steadily; and the major objectives and tasks of economic and social development are on track to be successfully accomplished. New‑type productive forces have grown steadily, reform and opening-up have continued to deepen, risk mitigation in key areas has been carried out in an orderly and effective manner, and safeguards for people’s livelihoods have been strengthened and made more robust, marking new, solid strides in Chinese‑style modernization. The past year has been far from ordinary, and the achievements attained are truly encouraging—particularly the decisive decision adopted at the September 26 meeting of the Political Bureau of the CPC Central Committee to roll out a package of additional policies, which has effectively boosted public confidence and spurred a noticeable economic recovery.

The meeting noted that the adverse impacts stemming from the evolving external environment have intensified, and China’s economy continues to face numerous difficulties and challenges—chief among them insufficient domestic demand, operational and production constraints for some enterprises, mounting pressure on employment and income growth, and a still‑substantial array of risks and potential hazards. At the same time, it is important to recognize that China’s economy rests on a solid foundation, boasts multiple strengths, exhibits strong resilience, and harbors significant untapped potential; the underlying conditions and long-term trends supporting its sustained improvement remain unchanged. We must confront these challenges head‑on, maintain firm confidence, and strive to translate all positive factors into concrete results for development.

The meeting concluded that, in practice, we have continuously deepened our understanding of the underlying principles governing economic work. The centralized and unified leadership of the CPC Central Committee is the fundamental guarantee for successfully carrying out economic tasks. At critical moments and key junctures, the CPC Central Committee promptly assesses the situation and makes decisive policy decisions, ensuring that China’s economy sails forward steadily and far, riding the waves with confidence. It is imperative to strike a balanced relationship between an effective market and a capable government, thereby fostering an economic order that is both “dynamically flexible” and “well‑regulated.” We must also balance aggregate supply and aggregate demand, ensuring the smooth circulation of the national economy. Furthermore, we need to harmonize the cultivation of new growth drivers with the upgrading of existing ones, developing new‑type productive forces tailored to local conditions. Equally important is balancing the enhancement of incremental growth with the revitalization of existing assets, so as to comprehensively improve resource allocation efficiency. Finally, we must coordinate efforts to raise quality while expanding overall scale, thus consolidating the material foundation for Chinese‑style modernization.

The meeting emphasized that, to ensure the success of next year’s economic work, we must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th CPC Central Committee, adhere to the overarching principle of seeking progress while maintaining stability, comprehensively, accurately, and thoroughly apply the new development philosophy, accelerate the establishment of a new development pattern, solidly promote high-quality development, further deepen reform across the board, expand high‑level opening-up, build a modern industrial system, better coordinate development and security, implement more proactive and effective macro policies, expand domestic demand, foster the integrated development of scientific and technological innovation and industrial innovation, stabilize the real estate and stock markets, prevent and defuse risks in key areas and external shocks, anchor market expectations and unleash vitality, drive a sustained recovery and improvement in the economy, continuously raise living standards, maintain social harmony and stability, and achieve the goals and tasks of the 14th Five-Year Plan with high quality, thereby laying a solid foundation for a strong start to the 15th Five-Year Plan.

The meeting noted that, next year, it is essential to maintain stable economic growth, ensure overall stability in employment and prices, uphold a broadly balanced international balance of payments, and promote synchronized growth in residents’ incomes and the economy.

The meeting called for adhering next year to the principle of seeking progress while maintaining stability, using progress to promote stability, upholding fundamental principles while fostering innovation, establishing new frameworks before dismantling old ones, and ensuring systematic integration and coordinated efforts. It also emphasized enriching and refining the policy toolkit to enhance the forward-looking nature, targeted approach, and effectiveness of macroeconomic regulation.

We will implement a more proactive fiscal policy. We will raise the fiscal deficit-to-GDP ratio to ensure that fiscal measures remain robust and deliver greater impact. We will increase the intensity of fiscal spending and strengthen support for key priority areas. We will issue additional ultra‑long-term special government bonds to provide sustained backing for “dual‑priority” projects and the implementation of policies related to “new infrastructure, new urbanization, and major projects.” We will expand the issuance and use of local government special-purpose bonds, broadening both their investment scope and the range of eligible project equity capital. We will optimize the structure of fiscal expenditures, enhance the efficiency of fund utilization, and place greater emphasis on improving people’s livelihoods, boosting consumption, and bolstering long-term growth momentum, while firmly safeguarding the basic “three guarantees” at the grassroots level. Party and government agencies must continue to practice strict economy.

It is necessary to implement a moderately accommodative monetary policy. We will fully leverage both the aggregate and structural functions of monetary policy tools, appropriately cut the reserve requirement ratio and interest rates, ensure ample liquidity, and align the growth of total social financing and the money supply with the targeted objectives for economic growth and the overall price level. We will maintain the basic stability of the RMB exchange rate at an appropriate and balanced level. Furthermore, we will explore ways to expand the central bank’s macroprudential and financial stability functions, innovate financial instruments, and safeguard financial market stability.

We must deliver a well‑coordinated package of policies. Strengthen the coordination and synergy among fiscal, monetary, employment, industrial, regional, trade, environmental, and regulatory policies, as well as reform and opening‑up measures; improve mechanisms for effective inter‑departmental communication, consultation, and feedback; and enhance the cumulative impact of these policies. Integrate both economic and non‑economic policies into a unified assessment of macropolicy orientation consistency, and ensure seamless coordination across the entire policy formulation and implementation process to boost overall policy effectiveness.

The meeting determined that the following key tasks should be prioritized next year.

First, we will vigorously boost consumption, enhance the efficiency of investment, and comprehensively expand domestic demand. We will launch a special campaign to stimulate consumption, help middle- and low-income groups increase their incomes and reduce their burdens, and strengthen their purchasing power, willingness to spend, and spending tiers. We will appropriately raise basic pensions for retirees, increase basic old-age allowances for urban and rural residents, and raise government subsidies for urban and rural residents’ medical insurance. We will intensify efforts to broaden the scope of the “Two New” policies, innovate diversified consumption scenarios, expand service‑related consumption, and promote the development of the cultural and tourism sectors. We will actively develop the first‑launch economy, the ice‑and‑snow economy, and the silver‑age economy. We will strengthen top-down coordination and provide stronger support for “Dual‑Priority” projects. We will moderately increase investment within the central budget. We will enhance coordination between fiscal and financial policies to ensure that government investment effectively leverages social investment. We will begin early planning for major projects under the 15th Five-Year Plan. We will vigorously implement urban renewal initiatives and launch a special campaign to reduce logistics costs across the entire economy.

Second, we will leverage scientific and technological innovation to drive the development of new‑type productive forces and build a modern industrial system. We will strengthen basic research and tackle key core technologies, proactively plan major science and technology projects, and launch large‑scale demonstration initiatives for the application of new technologies, new products, and new scenarios. We will implement an “AI Plus” initiative to foster emerging industries, bolster national strategic scientific and technological capabilities, and improve the multi‑tiered financial services framework. We will expand patient capital, attract private investment in venture capital on a larger scale, and nurture innovative enterprises through a tiered support system. We will comprehensively address “involutionary” competition and regulate the conduct of local governments and enterprises. Moreover, we will actively harness digital and green technologies to upgrade and transform traditional industries.

Third, we will leverage the guiding role of economic system reform to ensure the effective implementation of landmark reform measures. We will comprehensively advance the initiative to deepen and upgrade state‑owned enterprise reform, and introduce a law to promote the private sector. We will launch a special campaign to standardize law enforcement practices involving businesses, and formulate guidelines for building a unified national market. We will strengthen regulatory oversight to foster the sound development of the platform economy. We will coordinate and advance fiscal and tax system reforms, enhancing local governments’ fiscal autonomy. Furthermore, we will deepen comprehensive reforms of the capital market’s investment and financing mechanisms, remove bottlenecks that impede the entry of medium- and long-term funds, and bolster the inclusiveness and adaptability of the capital market’s institutional framework.

Fourth, we will expand high-standard opening-up, stabilize foreign trade and foreign investment. We will systematically advance both autonomous and unilateral opening-up, steadily broaden institution-based openness, enhance the quality and effectiveness of pilot free trade zones, and extend the scope of reform‑related authorization. We will accelerate the implementation of core policies for the Hainan Free Trade Port. We will actively develop services trade, green trade, and digital trade. We will deepen reforms of the mechanisms for promoting foreign investment. We will steadily open up the service sector, expand pilot programs in areas such as telecommunications, healthcare, and education, and continue to build the “Invest in China” brand. We will promote high-quality joint development of the Belt and Road Initiative, ensuring it is both substantive and effective, and further improve the comprehensive overseas service system.

Fifth, we will effectively prevent and defuse risks in key areas, firmly safeguarding the bottom line of preventing systemic risk. We will continue to exert sustained efforts to stabilize and reverse the downturn in the real estate market, intensify urban village and dilapidated‑building renovation, and fully unlock the potential of both rigid and improvement‑type housing demand. We will appropriately manage the supply of new land for real estate development, revitalize existing land and commercial‑office properties, and advance the disposal of unsold commodity housing stock. We will promote the establishment of a new model for real estate development and systematically put in place the necessary foundational institutional frameworks. We will prudently address risks at local small and medium‑sized financial institutions, and coordinate central‑local efforts to crack down on illegal financial activities.

Sixth, we will coordinate the advancement of new‑type urbanization and the all‑round revitalization of rural areas, fostering integrated urban–rural development. We will firmly safeguard the red line for arable land and rigorously manage the balance between land occupation and replenishment. We will ensure stable production and secure supply of grain and other key agricultural products, enhancing the overall efficiency and competitiveness of agriculture. We will protect the enthusiasm of grain farmers and major grain‑producing regions, and improve the mechanism for forming grain prices. Tailoring approaches to local conditions, we will promote integrated development that boosts industries, strengthens counties, and enriches the people, while making every effort to broaden channels for increasing farmers’ incomes. We will develop modern metropolitan circles, raise the level of modern governance in mega‑cities and super‑large cities, and vigorously advance county‑level economies.

Seventh, we will intensify the implementation of regional strategies and bolster the dynamism of regional development. By leveraging the synergistic effects of the regional coordinated development strategy, major regional strategies, and the strategy for functional zones, we will proactively cultivate new growth poles. We will enhance the innovation capacity and spillover‑driving role of regions with strong economic advantages. We will support major economic provinces in shouldering greater responsibilities, while encouraging other regions to tailor their approaches to local conditions and capitalize on their respective strengths. We will deepen industrial collaboration among the eastern, central, western, and northeastern regions, and vigorously develop the marine economy and the bay‑area economy.

Eighth, we will coordinate efforts to reduce carbon emissions, curb pollution, expand green initiatives, and foster growth, while accelerating the comprehensive green transformation of economic and social development. We will further deepen institutional reforms for ecological civilization, cultivate a healthy ecosystem for the green and low‑carbon industries, and nurture new growth drivers such as green buildings. We will ensure significant progress in landmark campaigns under the “Three-North” Shelterbelt Program and expedite the development of new‑energy bases in sandy, rocky, and desert areas. We will establish a number of zero‑carbon industrial parks, advance the national carbon market, and put in place a product carbon‑footprint management system and a carbon‑labeling certification regime. We will continue to wage vigorous battles to safeguard blue skies, clean waters, and uncontaminated land, formulate an action plan for the integrated management of solid waste, implement major projects for biodiversity conservation, and strengthen the system for preventing and mitigating natural disasters.

Ninth, we will intensify efforts to safeguard and improve people’s livelihoods, enhancing the sense of gain, happiness, and security among the general public. We will implement employment support programs targeting key sectors, priority industries, grassroots communities in both urban and rural areas, and small, medium, and micro enterprises, thereby promoting employment for priority groups. We will strengthen protections for the rights and interests of workers in flexible and new forms of employment. We will effectively carry out policies providing assistance in areas such as industry and employment, ensuring that large-scale relapse into or onset of poverty does not occur and that vulnerable populations have their basic living needs met. We will advance high-quality, balanced development of compulsory education and steadily expand the supply of high‑quality undergraduate places. We will launch a project to strengthen the foundations of the healthcare system and formulate policies to encourage childbirth. We will develop community‑supported home‑based elderly care and expand universally accessible elderly care services. We will uphold and further develop the “Fengqiao Experience” for the new era, and enhance systemic governance of public safety.

The meeting emphasized the need to consciously align thinking, will, and action with the CPC Central Committee’s scientific assessment of the situation—both by seizing the overarching trends and bolstering confidence, and by squarely confronting difficulties and maintaining clarity. It called for fully implementing the overall requirements and policy orientations for next year’s economic work, prioritizing goal‑driven approaches and striving to achieve an optimal balance of stable growth, stable employment, and a reasonable rebound in prices; carefully calibrating policy direction, timing, and intensity, ensuring that all tasks are tackled as early as possible with decisive and effective measures; and strengthening systems thinking to ensure coordinated synergy among various policies and reform‑and‑opening‑up initiatives, thereby amplifying policy impacts. Key priorities must be firmly addressed to deliver on the main tasks of next year’s economic agenda: tackling the acute problem of insufficient demand by vigorously boosting domestic demand, particularly consumer spending; resolutely deepening reforms and expanding opening-up to remove deep‑seated obstacles and external challenges hindering development; facilitating a smooth transition between old and new growth drivers to overcome bottlenecks in industrial upgrading and transformation; providing stronger policy support and refined regulatory services to address enterprises’ concerns and needs; and persistently managing risks in critical areas to contain potential hazards. Efforts to enhance implementation effectiveness must be stepped up, fully mobilizing the initiative, creativity, and sense of responsibility at the grassroots level, continuously improving the business environment, and better pooling forces to advance high‑quality development.

The meeting emphasized the need to strengthen the Party’s leadership over economic work, uphold the principle of action above all else, bolster confidence, rise to challenges, and strive with vigor to ensure that all decisions and arrangements of the CPC Central Committee are effectively implemented. It called for reinforcing positive incentives to stimulate the intrinsic motivation of cadres to take initiative and get things done, while genuinely relieving burdens on the grassroots level so that those who are willing and capable can act decisively and deliver results. We must unswervingly combat corruption, maintain a fair and just market environment, and foster a clean and upright business climate. Upholding a pragmatic and truth‑seeking approach, we will resolutely oppose formalism and bureaucratism—practices characterized by excessive focus on pleasing superiors at the expense of accountability to the people and disregard for actual outcomes. We will coordinate development and security, ensure workplace safety, and effectively prevent and promptly respond to social security incidents. Strengthening coordination and synergy, we will oppose departmentalism and pool efforts to ensure effective implementation. Enhancing expectation management, we will advance policy implementation and expectation guidance in tandem, thereby enhancing the guiding power and influence of our policies. At the same time, it is essential to accurately grasp the global, national, Party‑related, and societal contexts, strengthen strategic planning, and formulate sound proposals for the CPC Central Committee’s 15th Five-Year Plan.
The meeting called for robust efforts to ensure people’s livelihoods and maintain public safety and social stability at the turn of the year, with thorough identification and resolution of all types of disputes and potential risks, so as to safeguard overall social stability.

The meeting called on the entire Party, the whole country, and all sectors of society to rally even more closely around the CPC Central Committee with Comrade Xi Jinping at its core, earnestly implement all the arrangements adopted at the meeting, and comprehensively achieve the goals and tasks for economic and social development, thereby advancing in a solid and effective manner the great cause of national rejuvenation and the building of a modern socialist country.

Members of the Political Bureau of the CPC Central Committee and the Secretariat of the CPC Central Committee, leading officials of the Standing Committee of the National People’s Congress, State Councilors, the President of the Supreme People’s Court, the Procurator-General of the Supreme People’s Procuratorate, relevant leaders of the National Committee of the Chinese People’s Political Consultative Conference, as well as members of the Central Military Commission, attended the meeting.

Leading officials of the Party and government from all provinces, autonomous regions, municipalities directly under the central government, cities separately listed for planning purposes, and the Xinjiang Production and Construction Corps; as well as leading officials from relevant departments of the CPC Central Committee and the State Council, related people’s organizations, certain financial institutions and enterprises under central management, and the various departments of the Central Military Commission, attended the meeting.